The Ministry of Finance resort to tax increases and the imposition of customs duties to reduce the budget deficit


The Ministry of Finance resort to tax increases and the imposition of customs duties to reduce the budget deficit

20-12-2014 12:20 AM

Finance Minister, Hoshyar Zebari, said his ministry would resort to tax increases and the imposition of customs duties on goods entering the country, in order to reduce the budget deficit ratio.

Zebari said in a press statement seen by (news) said: ‘The ministry is working to reduce the budget deficit in 2015 through the creation of alternatives to oil such as increased taxes and tariffs Kmarkip on some goods entering the country, noting that the procedure followed by several countries rely on tax budgets, such as Britain and the United States’.

And between Zebari said that his ministry will work toward pressure on the special budget expenditures, to reduce the deficit, but this does not include pressure medicine and food. ‘

Zebari stressed that ‘the beginning of next year there will be a budget after the Ministerial Committee complement pressure and reduce the budget deficit and delivered to the Cabinet for approval and sent to the House for a vote.’

The draft is based on the price of $ 70 per barrel, but oil prices tumbled to below $ 60 a barrel. Iraq relies on oil revenues to finance 95 per cent of budget income.

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